Norway wealth fund bans 9 groups, including BAE Systems

Norway's $1 trillion sovereign wealth fund, the world's largest, has excluded nine groups, including the UK's military equipment maker BAE Systems, from its portfolio based on ethical grounds, the Norwegian central bank said on Tuesday.

The British defence group, along with the US firms Aecom, Fluor and Huntington Ingalls Industries have been banned for producing components to build nuclear weapons, the central bank said - writes thelocal.no.

The fund has banned BAE Systems in the past but later re-introduced the group and Italy's Finmeccanica, now called Leonardo, after their joint venture, missile maker MBDA, stopped producing ASMP-A nuclear warhead missiles for the French army.

This time, BAE Systems is accused of having signed a 2015 agreement with the US authorities for the maintenance and modernisation of the Trident and Minuteman III intercontinental ballistic missiles.

Honeywell International, which has been blacklisted since 2005, was confirmed to be banned for similar reasons despite the group's recent assurances that it does not produce nuclear missiles or warheads.

The fund has also banned Taiwanese Evergreen Marine, South Korea's Korea Line, Polish Atal and Thailand's Precious Shipping and Thoresen Thai Agencies for posing environmental risks or systematic human rights violations.

The South Korean shipping company Pan Ocean has also been placed under observation.

The fund, which has shares in some 9,000 companies around the world, must follow ethical rules which prohibit it from investing in companies that produce nuclear arms, tobacco, risk environmental damage, violate human rights, and groups deriving a large part of their business from coal.

Its decisions are all the more important since they are often followed by other investors.

Nearly 150 companies, including giants like Airbus, Boeing, British American Tobacco and Wal Mart, Rio Tinto and Philip Morris have been blacklisted. A dozen other groups are under observation.

Read more news of Oslo on our site.

thelocal.no
sovereignwealth fundoil fund
If you notice an error, highlight the text you want and press Ctrl + Enter to report it to the editor
1 view in november
I recommend
No recommendations yet

Comments

Post your comment to communicate and discuss this article.

Society
Norway said on Friday it was freezing all defence material export licences to Saudi Arabia over recent developments in the country and the war in Yemen. The announcement came amid international outrage over Riyadh's killing of Saudi journalist Jamal Khashoggi in the kingdom's consulate in Istanbul in October, though Norway did not mention the murder specifically. "We have decided that, in the current situation, no new licences are to be granted for exports...
Society
An operation was underway Thursday to try to stop a Norwegian navy frigate from sinking after it collided with a Maltese oil tanker in a fjord in western Norway. Eight people received minor injuries in the accident, which took place shortly after 4:00 am (0300 GMT) in a busy waterway in the Hjeltefjord near Bergen, Norway's military said. The 137 people on board the KNM Helge Ingstad frigate, which was returning from Nato's Trident Juncture exercises, were...
Society
Far from the sun-kissed beaches of Rio de Janeiro and Ipanema, Brazilian surfer Gil Ferreira plunges into Norway's icy waters to ride over the dark swells of the Arctic. Swapping shorts for a thick-skinned wetsuit and gloves, Ferreira braved freezing weather, rain and seals in the Lofoten Masters, the only surf competition held in the extremes of the Northern Hemisphere. Ferreira was one of 32 participants in this year's Lofoten tournament, which increasin...
Society
The Coca-Cola Company wants local brand Tøyen-Cola’s new product Jallasprite to be banned with the claim of trademark infringement and violation of the marketing act. According to Vårt Oslo’s report, Jallasprite and Tøyen-Cola’s producer Jarle Hollerud has been informed by Coca-Cola Company that the case will be taken to the district court in Oslo, if he does not stop using the name Jallasprite before Friday. The Coca-Cola Company also requires that all bo...
Society
A Norwegian navy frigate and an oil tanker from Malta collided in Øygarden in western Norway. Seven people were injured. Returning from Nato’s Trident Juncture exercise, KNM Helge Ingstad frigate collided with the Sola TS oil tanker, Norwegian Royal Army confirmed. A total of 137 people were on board the frigate while 23 were on the tanker. The oil tanker received only slight damage, while the frigate has been seriously damaged. A small oil slick from the...
Society
The Norwegian cheese Fanaost was named as the world’s best cheese during the World Cheese Awards in Bergen on Friday night. A total of 3,472 cheeses from all over the world participated in the competition to become the world’s best. Norwegian cheese Fanaost, from the producer Ostegården in Bergen, won the competition, writes NRK. Fanaost, according to the manufacturer, is a mild, round and semi-solid cheese that reminds Gouda, made from pasteurized cow mil...
Society
Prime Minister Erna Solberg does not want to change abortion practice in Norway, but will remove “discriminatory element in the law”, according to Dagens Næringsliv. Solberg has been criticized for her willingness to negotiate changes in the Abortion Act, as she needs the support of Christian Democrats (KrF) for her bourgeois government. In an interview with the newspaper, Solberg says that women should still be able to use abortion right after 12 weeks if...
Society
There is inequality in reading skills among school students in Norway than in 19 other OECD countries, a research report from UNICEF shows.   Countries such as Latvia, Spain and Finland make it by easier. This is reflected in UNICEF’s research report An Unfair Start: Inequality in Children’s Education in Rich Countries. It ranks 41 member states of the EU and OECD in terms of degree of inequality in kindergartens, primary and secondary schools. The purpose...
Society
The «hot» missions that Joshua French has confirmed that he and Tjostolv Moland were involved in as mercenaries in Congo may be in violation of Norwegian law, writes the Norwegian newspaper, VG.   The Norwegian Violent Crimes Unit (Kripos) will consider a review of the assignments related to the security company SIG Uganda, which Tjostolv Moland and Joshua French were active in before entering Congo on the fateful trip in May 2009. VG is informed by severa...